Oh boy, how much do you trust your close builder friend? Ditto for the property manager? Do the two of them know each other? Have they worked together before?
This is a very risky move IMO. Unless you can find a unicorn of a tenant, I'd proceed with extreme caution and skepticism. Understand that you must draw up a very specific, detailed agreement and you must monitor the crap out of the situation.
Good contractors are busy and when they get home from working hard all day, they don't necessarily want to tackle more projects, especially on a home they don't own, no matter what they agreed to initially.
It could work, but understand that it's going to require a fair amount of work from you, even with a PM and a close builder friend..